UAE-India trade set to hit $100bn by 2020

Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), has completed a tour of three Indian cities as part of plans to increase foreign investment.

 

The roadshow covered Mumbai, the financial hub of India, as well as Hyderabad and Kochi, leading commercial and information technology hubs in the south of the country.

 

According to state news agency WAM, Dubai FDI reached out to solutions providers in diverse domains, including logistics, aviation, biotechnology, engineering, construction, financial services, industrial machinery, healthcare, pharmaceuticals, tourism and hospitality in the three Indian cities.

 

Ibrahim Ahli, director of Investment Promotion in Dubai FDI, said: "There hasn’t been a better time for bilateral engagement between Dubai and India. UAE-India relations are on a faster and stronger track, and leaders on both sides are determined to make their partnership a game-changer in global trade.

 

"In India we were able to connect with our audiences and engage them in identifying areas where Dubai can place them on the forefront of emerging industries and technologies," Ahli said.

 

He added that India has consistently been the among the top five bilateral trade partners of Dubai and a major source of FDI into Dubai. For the last three years India has been the second largest investor in Dubai and Indians are among the top five nationalities of property owners in the emirate.

 

By 2020, UAE-India trade is estimated to hit $100 billion and Dubai’s industrial, residential, tourism and entertainment sectors, along with existing airports as well as sea ports, will play a major role in achieving the milestone.

 

Ahli said major areas where UAE-bound FDI landed in 2017 included manufacturing, renewable energy, aviation, travel and tourism, logistics, technology and healthcare.

 

"Indians and their enterprises are a significant component of the Dubai community and the emirate’s airports and seaports provide the most competitive transit point for cargo and passengers travelling to and out of India. We have 1,600 flights a week between Dubai and India, and in 2017, 1.2 million Indian tourists stayed across hotels and hotel apartments in Dubai," Ahli added.

 

Source:- Arabian Business